A MVR 250 million project was inaugurated today with the vision of making the Maldives an Islamic financing hub in the region.

President Dr. Mohamed Muizzu inaugurated the Maldives Islamic Social Finance Initiative at a special ceremony held at Kurumba Maldives today.

Under this project, Bank of Maldives (BML) will provide MVR 200 million in financial assistance over the next three years, while Maldives Islamic Bank (MIB) will provide MVR 30 million and Maldives Monetary Authority (MMA) will provide MVR 20 million in financial assistance.

The Maldives Islamic Social Finance Initiative is a project designed based on Malaysia's "Sadaqah House Bank Islam". MMA has conducted a major study in collaboration with Malaysia's Universiti Islam Selangor to start this project.

Speaking at the ceremony, the President said that with this initiative, the relationship between the financial sector will be strengthened and a robust system will be established to provide assistance to those in need in the society.

"The government is ready to make the necessary changes to laws and regulations to make this a reality. As we work towards this goal, we must recognize that a country's development is not only measured by its economic progress, but it is a goal achieved by providing everyone the opportunity to live in society with dignity and respect," the President said.